You were missing Principal and Interest from your mortgage and also Management expenses.Based off of that I put your numbers into it.Rental Income             $2375ExpensesManagement               $190 (8%)Insurance                     $125Capital Expenditures   $71.25 (3%)Taxes                           $325Repairs                        $237.50 (10%)Interest                         $412.50 ($110k @ 4.5%/30 yr)Principal                       $144.85 ($110k @ 4.5%/30 yr)Vacancy                       $118.75 (5%)Electricity                     $250Water ad Serwer          $50Total                             $1924.85Cashflow                      $450.15Looks like pretty good cash flow from that.

Everything was replaced in the house with exception of the things that were new about 5 years ago including A/C, Plumbing, Electrical Service, and roof...

In general,newer is better.Unless you're talking about historical homes in special historical neighborhoods,a 70 year old home is gonna be worth more than the homes pushing 100 years that are probably long overdue for massive repairs and remodeling (new plumbing,rewire the electrics,new roof,water heaters,etc.

In my initial analysis, I was using actual T12 numbers for electricity and water.  

He did get it all figured out, but I basically failed an Electrical sign off, after the house went under contract!!!

You can get on there are find some credible contractors in Hampton Roads.I'm an Electrical Contractor based out of Hampton, Virginia and have several contractors I work with if you need help with your projects.

My plumber has done this, my electrician (we have to replace knob and tube electricity), my drywall guy.

(gas, electric, oil furnace)* Etc.......Sam

Where were the new roofs, new kitchens, new floors, new plumbing, new electrical, new HVACs?

Comps in the neighborhood are around $60K.Fist thing I'll be doing is treating for termites with Termidor SC while the electric gets reconnected.